UK-based crypto infrastructure firm Ramp Network has chosen Ireland as its European base, joining a growing trend of cryptocurrency companies establishing headquarters in the country.
In an interview with the Irish Independent, Steven Eisenhauer, Ramp’s chief risk and compliance officer, emphasized Ireland’s appeal to crypto firms, especially as the industry awaits a regulatory framework. He highlighted the importance of building consumer trust and noted Ireland’s significance, with approximately 12 registered virtual asset service providers.
Eisenhauer estimated that half of the crypto firms preparing for the EU’s Markets in Crypto-Assets Regulation (MICA) are considering Ireland, along with France, Germany, and Belgium.
Ramp Network, a British fintech startup facilitating crypto-to-fiat currency transactions globally, has obtained registration as a virtual asset services provider in Ireland. Eisenhauer clarified that Ramp’s decision to establish its EU headquarters in Ireland was not about evading regulatory oversight but seeking genuine regulators.
He praised the Central Bank of Ireland’s approach to crypto regulation, describing engagements as positive and collaborative. Eisenhauer highlighted the bank’s balance between accommodating businesses and upholding integrity and independence, ensuring that registration feels legitimate.
While some companies, like stablecoin issuer Circle, have opted to relocate their headquarters from Ireland to the US, Ireland remains an attractive destination for cryptocurrency companies due to its favorable business environment and low tax rates. Its corporate tax rate of 12.5% is significantly lower than most other European countries.
Despite occasional shifts, Ireland continues to attract cryptocurrency companies, such as Coinbase, which selected Ireland as its base for EU operations under upcoming regulations due to its reputation for fintech friendliness and well-regarded regulatory environment.
